NFL sets 2012 salary cap at $120.6 million

The Associated Press

03/12/2012

The salary cap went up very little, as expected, but most teams opted to carry over remaining salary-cap room from 2011. The Vikings are believed to be more than $20 million under the cap when free agency opens Tuesday.

The league informed the 32 teams Sunday that the cap has gone up by $225,000. All teams must be under the cap by Tuesday, when free agency begins.

If a club has salary cap room remaining at the end of the season, it can carry it over to 2013 as long as it notifies the NFL by the day before the 2012 season ends.

Unrestricted free agents can sign with a team beginning Tuesday through July 22 or the opening day of the first training camp, whichever is later.

Restricted free agents can sign until April 20. Franchise players have until Nov. 13 to sign - if he hasn't he must sit out the season.

Peyton Manning is the biggest unrestricted free agent on the market. The four-time league MVP released by the Colts has already met with Denver Broncos officials, and was meeting with Arizona Cardinals officials on Sunday.

For franchise-tagged players, the salary for a one-year contract for quarterbacks is $14.436 million. Next highest is defensive end at $10,605,000, with cornerback at $10,281,000. Wide receiver is at $9,515,000 and running back is at $7,742,000.

Among the 21 franchise players this season – the most ever – are wide receiver Wes Welker and running backs Ray Rice and Matt Forte.